National Agri-Marketing Association
NAMA Website
Upcoming Events
Chapters
Agri-Marketing Conf
Best of NAMA 2020












FARMLAND PARTNERS: "SHORT AND DISTORT'" CLASS ACTION LAWSUIT OFFICIALLY CONCLUDED
Source: Farmland Partners news release

DENVER-- Farmland Partners Inc. (NYSE: FPI) (the "Company" or "FPI") today announced that the deadline to appeal has passed with no appeal filed by the plaintiff from the U.S. District Court's April 6, 2022 ruling dismissing the class action lawsuit against the Company and certain of its executives.

The class action suit has been pending since July 2018, when FPI, its management, and its shareholders were targeted by short sellers who knowingly printed false information about the Company to manipulate its stock price and profit from the resulting price drop. The author of those attacks has since admitted the falsity of numerous allegations, which were at the core of the class action case.

The Company expects the plaintiff's decision to forego an appeal of the district court's order will result in the dismissal of two shareholder derivative lawsuits associated with the underlying class action lawsuit, according to statements from the plaintiffs' attorneys in recent court filings in those cases. FPI will continue to pursue its claims against the hedge fund that was involved in the short-and-distort attack.

"This class action litigation has hung over our Company for a long time, forcing us to spend considerable resources to defend ourselves from baseless accusations," said FPI Chairman and CEO Paul Pittman. "Today, we can finally close this chapter and move on to doing what we do best - investing in high-quality farmland across the country and delivering for our shareholders."

The court's ruling in FPI's favor can be read in its entirety at http://ir.farmlandpartners.com/Judgment.

About Farmland Partners Inc.

Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. As of the date of this release, the Company owns and/or manages approximately 185,000 acres in 19 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, Nebraska, North Carolina, South Carolina, South Dakota and Virginia. We have approximately 26 crop types and more than 100 tenants. The Company elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2014. Additional information: www.farmlandpartners.com or (720) 452-3100.


Search News & Articles














Proudly associated with:
American Business Media Canadian Agri-Marketing Association National Agri-Marketing Association
Agricultural Relations Council National Association of Farm Broadcasters American Agricultural Editors' Association Livestock Publications Council
All content © 2022, Henderson Communications LLC. | User Agreement